Gem Diamonds Limited Renewal of Letseng mining lease update (4417L)
19 April 2018 - 6:00PM
UK Regulatory
TIDMGEMD
RNS Number : 4417L
Gem Diamonds Limited
19 April 2018
19 April 2018
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Renewal of Letšeng mining lease update
Gem Diamonds Limited (LSE: GEMD) is pleased to announce that at
the Lesotho Mining Roundtable event held on 18 April, as part of
The Commonwealth Heads of Government Meeting (CHOGM) currently
being held in London, The Honourable Prime Minister of Lesotho and
the Honourable Minister of Mining announced their intention to
renew the Letšeng mining lease until 2034. The mining lease may be
further extended if necessary in relation to any underground
development of the mine thereafter.
The full terms of the renewed mining lease are subject to a
statutory negotiation process with the Lesotho Mining Board and,
when agreed, will be contained in a new mining lease agreement. A
further announcement will be made once the statutory negotiations
have been concluded and a new Letseng mining lease has been
issued.
Gem Diamonds' CEO, Clifford Elphick commented:
"The Lesotho Government's announcement that they intend to renew
the Letšeng mining lease until 2034 is welcomed as a demonstration
of the positive partnership which exists between Gem Diamonds and
the Government. I would like to thank the Government of Lesotho for
their ongoing support which will allow Gem Diamonds to continue to
extract some of the world's largest and most valuable diamonds from
this remarkable resource."
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
For further information:
Gem Diamonds
Susan Wallace, Company Secretarial department
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme / Jimmy Lea
Tel: +44 (0) 207 520 9261
About Gem Diamonds:
Gem Diamonds is a leading global diamond producer of high value
diamonds. The Company owns 70% of the Letšeng mine in Lesotho and
100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous
for the production of large, top colour, exceptional white
diamonds, making it the highest dollar per carat kimberlite diamond
mine in the world. www.gemdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
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